The local regulator is investigating money laundering at a number of non-banking financial institutions and fintech companies

Indian authorities freeze assets of Vauld crypto platform for $46,5 million

12.08.2022 - 12:15

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What’s new? On August 11, the Directorate of Enforcement (ED) of India froze assets of the Vauld lending platform to the tune of 3,7 billion rupees (~$46,5 million), IndiaToday reports, citing anonymous sources. This came days after the agency froze $8,16 million worth of assets of cryptocurrency exchange WazirX in connection with a money-laundering investigation.

IndiaToday’s material

Vauld situation. On July 4, the platform suspended its withdrawal, trading, and deposit functions and hired advisors to restructure. Immediately thereafter, representatives of crypto lender Nexo reported the purchase of Vauld. The parties signed a preliminary term sheet with a plan to acquire up to 100% of the shares.

On July 8, Vauld CEO Darshan Bathija asked the Singapore High Court for a six-month moratorium on proceedings while the company explores ways to restructure because of bankruptcy. The filing says the platform owes creditors a total of $402 million.

What is known about Vauld? Vauld is a digital asset transaction platform founded in 2018 by Sanju Soni Kurian and Darshan Bathija in Singapore. Most of the project’s team is based in India. The platform provides trading, lending, and borrowing functions. At its peak, Vauld had about $1 billion in assets under management.

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